The famous American fashion designer Tom Ford recently purchased a luxury villa in the prestigious Chelsea area of London for a sum of over 80 million pounds (about 95,8 million euros). This transaction represents the most expensive real estate sale recorded in the United Kingdom this year.
According to rumors, the deal was closed last summer. The property is located in an area known for the elegant stucco-fronted buildings that are a feature of the neighborhood.
Ford's purchase comes at a time of slowdown for London's high-end property market, affected by factors such as proposed tax reforms, which would see higher rates for non-residents, and a tax hike on second home purchases. However, Ford, whose fortune is set to top £2bn after selling his brand to Estée Lauder in 2022, appears to have seized the opportunity in a market that is benefiting from interest from American buyers.
In recent times, in fact, the weakening of the pound and the adjustment of real estate prices have made London an attractive destination for American investors. According to Knight Frank, a company specializing in real estate consultancy, in the first six months of 2023, American buyers represented 6,1% of the London residential market. In Chelsea, in particular, almost half of the properties were sold at prices lower than their initial value.
Ford's purchase comes alongside other recent high-profile transactions in the neighbourhood, including that of the President of the United Arab Emirates, Sheikh Mohammed bin Zayed Al Nahyan, who acquired a mansion for £65m last November.
